HDFC Bank has said that the Reserve Bank of India (RBI) has lifted all the curbs imposed on the bank’s business generating activities. These sanctions were imposed a year ago. The bank added that they have set up medium and long-term goals which will be disclosed in due course.
HDFC Bank has announced that the Reserve Bank of India has lifted the restriction on the business generating activities planned under the Bank’s Digital 2.0 programme.
Earlier, the Reserve Bank of India has imposed sanctions on HDFC bank and has directed in December 2020 to stop issuing fresh cards until the bank sorted out its tech issues. Due to restrictions imposed, the bank could not launch any new digital initiatives. The regulator has appointed an external organization in February 2021 to carry out a special audit of the IT infrastructure of HDFC Bank. Later, in August the Reserve Bank of India has partially lifted the curbs, allowing the HDFC Bank to resume issuing credit cards.
